Are Migrants The Sole Answer To Economic Recovery? Let’s Find Out

Developed countries around the world are navigating demographic shifts as an increasingly ageing population, declining fertility rates and longer life expectancies seek to take control.

Globally, there were more than 703 million people aged 65 or over in 2019, with Eastern and South-Eastern Asia representing the largest portion, followed by Europe and Northern America.

The same number is expected to grow beyond 1 billion by 2050, elevating pressure on government spending, especially when countries are looking to recover from the pandemic.

China recently lost the title of the world’s most populous country to India as it arrived at a turning point last year when deaths outnumbered births.

Countries like Singapore, South Korea and Japan are also on a mad search to reverse the worrying trend, experimenting with multiple policies and incentives to change public attitudes.

Life expectancy has also been increasing with the number set to reach 76.9 years by 2050 from just 46.9 years in 1955. It’s a positive development but adds to the demographic burden.

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Against this backdrop, governments should consider welcoming migrants, particularly those willing to shift to a new country for labour purposes since they provide positive fiscal benefits.

The large majority of migrants are within the working age group but scores of them lack higher education. Nonetheless, they could effectively fill in vacancies in sectors requiring basic skills.

While migrants may not be the sole solution to economic recovery, they are certainly an accessory to address the impact of declining labour forces and balance the population ratio.

The debate on the potential impact of migrants on their host countries has become more prominent as developed countries seek ways to tackle a challenging refugee crisis.

Countries in the Europe are navigating a crucial period as the number of small boat arrivals from different African countries grow each month.

Meanwhile, the US is also struggling to accommodate a growing number of arrivals, with NYC’s four uniformed agencies asked to come up with plans to cut budgets in response to the influx.